STATE OF BUSINESS: Consumers v. Inventories

For several months much speculative cash has lain idle waiting till its owners got over speculating on economic trends. Three weeks ago some of the speculators made up their minds and the stockmarket moved tentatively upward without encouragement from industrial production. Last week the market slowly worked its way up past a minor "resistance point"—140 on. the Dow Jones industrial averages (1938 high 158.41; low 98.95)—waited for the sluggish railroad averages to "confirm" by rising from 27.90 to 28.50.

Trying to make headway under present circumstances upset market custom. Resigned to...

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